Leapwork Secures $62M Series B Funding - Daily Crunch

Daily Crunch: August 26, 2021

A daily summary of TechCrunch’s most significant and impactful stories is delivered to inboxes each day at 3 p.m. PDT. You can subscribe to this roundup here.

Greetings, and welcome to Daily Crunch for August 26, 2021. Some have playfully referred to today as “Friday Jr.”

A Day Packed with News

Today’s news cycle is quite full, featuring a noticeable concentration on major developments originating from large technology corporations. We have a substantial amount of information to cover.

Fintech Focus at Disrupt

This year’s Disrupt conference will dedicate considerable attention to the fintech sector. TechCrunch recently announced that Saba Karim from Techstars will be participating in the event.

This promises to be an excellent addition to the conference program! — Alex

TechCrunch's Top 3 Updates

Here's a rundown of the most significant news from TechCrunch today, covering developments in housing aid, app store policies, and cybersecurity investments.

Airbnb Widens Support for Afghan Refugee Housing

Airbnb is broadening its initiative to provide housing for refugees from Afghanistan. Previously, only existing Airbnb hosts could participate.

Now, the company is opening the program to anyone willing to offer assistance. This expansion aims to increase the available housing options and accommodate more individuals in need.

The move reflects a humanitarian effort to support those displaced by the ongoing crisis.

Apple Adjusts Commission Rates for News Subscriptions

Apple is demonstrating further flexibility regarding its standard 30% commission fee. The company intends to implement reduced rates for news purchases.

This adjustment is specifically targeted towards publishers who participate within the Apple News application. While a positive development, it appears to be coupled with a requirement for publishers to utilize Apple’s platform.

The ongoing adjustments raise questions about Apple’s motivations for maintaining substantial revenue from its mobile ecosystem.

Tech Giants Commit Billions to Cybersecurity

Leading U.S. technology companies – Apple, Google, and Microsoft – have collectively pledged significant financial resources to enhance cybersecurity efforts.

This commitment was announced following a meeting at the White House. Microsoft is allocating $20 billion towards this initiative, while Google is contributing $10 billion.

Apple has announced the creation of a new program focused on improving security throughout its technology supply chain. It remains to be seen how much of this spending represents new commitments versus pre-existing budgetary allocations.

These investments signal a heightened awareness of the growing importance of cybersecurity in the current digital landscape.

Startups and Venture Capital News

Recently, we observed that Brian Heater, a member of our team, initiated a newsletter. This newsletter continues to be published, and a recent pre-launch entry features a headline that is remarkably well-crafted: “I don’t know what to do with those tossed salads and robot legs.” Heater deserves recognition for successfully navigating the editorial review process with this title. You can subscribe to this newsletter focused on robotics here.

Startup Funding and Product Updates

Several startups have announced significant developments this week. These include funding rounds, product expansions, and new service offerings, impacting various sectors from transcription to design.

• Otter.ai Enhances Transcription Services: Otter.ai is a valuable tool for recording and transcribing conversations. As a paying customer, I personally rely on its capabilities. The company has now expanded its “Otter Assistant” feature to integrate with Microsoft Teams, Google Meet, and Cisco Webex, building upon its existing Zoom support.
• Compa Secures $3.9M for Job Offer Software: The process of hiring can be challenging, particularly in the current competitive talent market. Compa is addressing this issue with software designed to assist recruiters in managing compensation strategies. Their platform aims to create and deliver job offers that are both transparent and equitable. The company has recently emerged from stealth mode.
• Playbook Aims to Become the Leading Design Asset Management Platform: While Dropbox was once a popular choice for designers, it has evolved into a broader enterprise solution. Playbook is now seeking to fill this gap, positioning itself as the go-to platform for designers. They have secured $4 million in funding led by Founders Fund.
• Picsart Raises $130M in Funding: Picsart is the latest company to receive a substantial investment from SoftBank’s Vision Fund 2, securing $130 million in funding. The company has surpassed $100 million in annual revenue and achieved unicorn status. This demonstrates the scalability of mobile-first creator tools.
• Atheneum Receives $150M for Research and Survey Solutions: Initial reports of this funding sparked my interest due to the proximity of a local private library named the Athenæum. However, this investment is for a different entity – a startup offering research and survey products. This startup already serves a substantial client base of 500 major corporations.
• Leapwork Demonstrates the Continued Appeal of No-Code with $62M Series B: Based in Denmark, Leapwork has secured the country’s largest-ever Series B funding round, totaling $62 million. The company’s no-code tool facilitates process automation, capitalizing on the growing demand for automation solutions and the shortage of skilled developers.
• LOVO and the Future of AI Voice Technology: TechCrunch’s Kate Park recently published an article exploring LOVO, an AI voice and synthetic speech startup that has raised $4.5 million. This technology could potentially provide backup voice options for podcasts in situations where presenters are unwell.

Navigating the Y Combinator Application Process: What to Steer Clear Of

Contrary to popular belief, there are no guaranteed shortcuts to securing acceptance into Y Combinator.

Leveraging the insights of those with direct experience is a valuable strategy. Chris Morton, a two-time Y Combinator participant, recently shared guidance for aspiring founders in a guest post for Extra Crunch.

Morton, drawing upon his experience reviewing a substantial number of YC applications, offers perspectives on optimal submission timing, strategies for missed deadlines, and potential relocation requirements upon acceptance.

He emphasizes that the primary goal of your application should be to secure an interview, rather than striving for immediate perfection. Focusing on continued development of your venture is more productive than endlessly refining the application itself.

(Extra Crunch is a membership program designed to empower founders and startup teams. Registration is available here.)

Key Takeaways from Chris Morton’s Advice

• Application Timing: Submit when your application is sufficiently strong to warrant an interview.
• Deadline Misses: Don't dwell on missing a deadline; concentrate on progressing your business.
• Relocation: Be prepared for the possibility of needing to relocate if accepted into the program.

Morton’s core message centers around prioritizing progress and focusing on building a compelling business, rather than obsessing over application minutiae.

The application process is a means to an end, and continuous improvement of the underlying venture is paramount. YC seeks promising startups, not flawlessly polished applications.

Big Tech Inc.

Concluding today’s news summary, a compilation of updates from the world of Big Tech is presented for your consideration.

• Google Discontinues Streams App: Google has a reputation for initiating projects and subsequently discontinuing them. Were Google a writer, a significant number of promising ideas would be abandoned before completion. The termination of Streams, while not unexpected, will likely disappoint some users.
• Netflix Game Availability Begins in Poland: Netflix is expanding into the gaming sector, a logical move considering the gaming industry’s substantial revenue compared to the film industry. However, initial access to these mobile games will be limited. Poland has been selected as the first market for rollout. This choice aligns with the high prevalence of gaming within Europe and the Polish market’s appropriate size.
• Facebook Explores Independent Election Policy Oversight: Demonstrating the challenges of managing a company of its scale, Facebook is evaluating the formation of an independent advisory committee dedicated to election policy decisions. This suggests a potential shift away from centralized, single-authority control. The creation of such a committee raises questions about public trust.
• Lordstown Appoints New CEO: Securing leadership for this challenging position proved difficult. Nevertheless, the struggling electric vehicle manufacturer, Lordstown, has appointed Daniel A. Ninivaggi, an experienced automotive executive and former leader of Carl C. Icahn’s holding company, as its new CEO. His ability to revitalize the company remains to be seen.
• YouTube Premium Benefits Enhanced: Finally, positive news for those with paid YouTube subscriptions.

TechCrunch Seeks Recommendations for Top Growth Marketers

TechCrunch is currently soliciting recommendations for skilled growth marketers. Expertise in areas like SEO, social media marketing, and content creation is highly valued.

Growth marketers are encouraged to share a survey link with their clients. We aim to gather feedback on positive client experiences and the value provided.

Insights from a Marketing Expert

Those interested in understanding the purpose of these surveys can review an interview with Robert Katai, conducted by Anna Heim.

Katai, a Romanian marketing specialist, details strategies for maximizing the impact of your content. The interview, titled “Romanian marketing expert Robert Katai explains how to get the most out of your content,” offers valuable perspectives.